# Table 23: Placebo Test Results

Procedure: Randomly drop 8 income-matched non-CCA countries (500 iterations)

| Statistic | Value |
|---|---|
| True Z₁ change (drop CCA-nc) | -32.84 |
| Placebo mean Δ | 1.68 |
| Placebo std Δ | 3.42 |
| Placebo 5th percentile | -3.02 |
| Placebo 95th percentile | 9.00 |
| p-value (two-sided) | 0.0000 |
| Conclusion | CCA-nc effect is ANOMALOUS |